Is Milestone Credit Card Legitimate? | Customer Complaints

Yes, the Milestone credit card is legitimate and not a scam. It is issued by The Bank of Missouri and serviced by Concora Credit, designed for people with bad credit who want to build their credit history.

However, due to its very high fees and interest rates, it is often viewed as one of the less favorable options for rebuilding credit.

Why Milestone is a legitimate, real credit card

• Reputable issuer: The card is issued by The Bank of Missouri, an FDIC member with an A+ rating from the Better Business Bureau (BBB).
• Reports to credit bureaus: It reports account activity to all three major credit bureaus (Experian, Equifax, and TransUnion), which is necessary for rebuilding credit.
• Unsecured credit: Unlike many cards for bad credit, it is an unsecured card, meaning you do not have to provide a security deposit.

The high cost and why some feel it's a "bad deal" that causes customer complaints

Major complaints about the Milestone credit card revolve around its high fees, low credit limits, poor customer service, and unexpected account closures. While the card is legitimate and reports to credit bureaus, consumer reviews on sites like the BBB and WalletHub detail significant frustration with the card's features and servicing.

The features that make Milestone a legitimate card are often overshadowed by its high costs, leading to dissatisfaction.

• High annual fees: The annual fee can be high, with one version of the card charging $175 in the first year.
• Monthly fees: After the first year, some versions of the card start charging a monthly fee on top of the annual fee.
• High APR: The interest rate is very high, with a purchase APR of around 35.9%, making carrying a balance extremely expensive.
• Low credit limit: The initial credit limit is often low, such as $700. After the first year's annual fee, the available credit may only be $525, reducing the card’s utility.

The bottom line

While not a scam, the Milestone card is a very expensive tool for building credit.

Who it might be for: Someone who cannot get approved for a more affordable secured card and needs an unsecured card to start building or rebuilding their credit history.

Better alternatives to consider: If possible, look for a secured credit card. Secured cards require a refundable deposit and typically have lower or no annual fees and more manageable APRs. They still report to credit bureaus, providing a less costly way to build credit.